|
|
04-06-2013, 01:40 PM
|
#1
|
Recycles dryer sheets
Join Date: Mar 2013
Posts: 98
|
Will SS be there
While we are not counting on it so our plan is without it...but what is the general consensus on whether SS will be available to those of us retiring in the next year or so at 50
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
04-06-2013, 01:53 PM
|
#2
|
Recycles dryer sheets
Join Date: Jan 2013
Posts: 312
|
I cannot imagine that it won't be here in some form. Unfortunately, too many people depend on it, and view it as their retirement program (very few on this board I would suspect).
|
|
|
04-06-2013, 01:57 PM
|
#3
|
Thinks s/he gets paid by the post
Join Date: Nov 2011
Posts: 3,877
|
SS is not going away, but I believe inflation will be allowed to eat away at the real value of the payouts.
|
|
|
04-06-2013, 02:01 PM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2013
Posts: 9,358
|
I think most of it will be there but we have cushion in the retirement plan in case it is less than currently expected.
|
|
|
04-06-2013, 02:23 PM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
|
For those 50 or older, I believe that we will received 95-100% of the promised benefits.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
04-06-2013, 02:31 PM
|
#6
|
Full time employment: Posting here.
Join Date: Jul 2004
Posts: 512
|
I've watched several shows on Social Security and the worst case described by any of them is that payroll tax receipts will still fund 75% of benefits goimg forward.
Find things written by Mary Beth Franklin. She is a guru on the subject.
|
|
|
04-06-2013, 02:33 PM
|
#7
|
Full time employment: Posting here.
Join Date: Jan 2008
Posts: 757
|
I have no doubts that it will be there as is for those 40 and over. Having said that, I do believe that there will be changes coming to the younger generations. I suspect they will move the FRA and do away with the ability to collect early, yet reduced payments. This will happen slowly so as to not upset the voting populace too much.
|
|
|
04-06-2013, 02:43 PM
|
#8
|
Thinks s/he gets paid by the post
Join Date: Nov 2012
Location: Madeira Beach Fl
Posts: 1,403
|
No worries. But I hope you have your 40 credits by age 50.
__________________
_______________________________________________
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
|
|
|
04-06-2013, 02:49 PM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,684
|
Quote:
Originally Posted by heeyy_joe
No worries. But I hope you have your 35 credits by age 50.
|
35 credits will get you five quarters away from qualifying for a benefit.
|
|
|
04-06-2013, 02:54 PM
|
#10
|
Thinks s/he gets paid by the post
Join Date: Nov 2012
Location: Madeira Beach Fl
Posts: 1,403
|
Corrected post on required number of credits, but the point remains the same.
__________________
_______________________________________________
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
|
|
|
04-06-2013, 02:58 PM
|
#11
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
|
I'll let you know when I cash my first SS check in 7 years and 6 months when I am eligible to collect at age 62.
I did not figure on SS as the baseline for my retirement funding and timeline to stop w*rking.
We shall see what we shall see...
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
|
|
|
04-06-2013, 03:25 PM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
|
No question, IMO, it will be there for the long run. The questions to me are, how much will benefits be watered down (means tested, raised eligibility age, reduced benefit) and at what age do people above it get spared from sharing the pain?
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
|
|
|
04-06-2013, 03:38 PM
|
#13
|
Recycles dryer sheets
Join Date: Mar 2011
Location: Western Georgia
Posts: 247
|
Quote:
Originally Posted by ziggy29
No question, IMO, it will be there for the long run. The questions to me are, how much will benefits be watered down (means tested, raised eligibility age, reduced benefit) and at what age do people above it get spared from sharing the pain?
|
+1
__________________
Hard to say what it was, when it isn't.
FIRED in 2005 @ 55
|
|
|
04-06-2013, 03:58 PM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
|
Quote:
Originally Posted by ziggy29
No question, IMO, it will be there for the long run. The questions to me are, how much will benefits be watered down (means tested, raised eligibility age, reduced benefit) and at what age do people above it get spared from sharing the pain?
|
Age will likely be the least important variable. It's all about redistribution, and income and assets are what that is about.
Also, the stealthiest things they can do will be done first. Moving to chained CPI is IMO a done deal. It will hurt everyone equally, though higher income people who pay 85% income taxes on SS benefits are in some ways spared, since some of the full benefit would have been taxed away. Also, it would be easy to go to 100% taxation of benefits, or even a tax surcharge on higher income people. We have to remember that the electorate is stupid, and has a very short attention span. Also, the electorate hates high income people, it’s the New American Way.
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
|
|
|
04-06-2013, 04:34 PM
|
#16
|
gone traveling
Join Date: Jul 2007
Posts: 333
|
Probably... However, I do think (my opinion only) that the system will begin evolving very soon. To what and how fast, I don't know. (clearly, our elected leaders don't know either) My "guess" is for folks 55 (pick your number) or older, things may not change "too much or too fast". (maybe...) For those younger, there will probably be some adjustments. Hopefully whatever they do, it will phased in over many years to give people time to adjust, plan, accept.
|
|
|
04-06-2013, 05:22 PM
|
#17
|
Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,525
|
My guess is that SS will be there for those folks for whom SS represents substantially all of their retirement income. Conversely, I think that thru a variety of methods, (means testing, CPI adjustments, additional taxes, God knows what else) a lot of folks that frequent this board may find that their plans of a nice fat payout at age 70 may not be quite so fat when the time comes. (Full disclosure I started SS at 62 a few months ago)
|
|
|
04-06-2013, 05:55 PM
|
#18
|
Full time employment: Posting here.
Join Date: Jan 2012
Posts: 518
|
I hope so, but I have no idea. (I am 34) A lot is going to change over the next 36 years until I'm eligible.
At this point we are planning as if we won't get it, but it would certainly reduce our risk if we do.
SIS
|
|
|
04-06-2013, 06:15 PM
|
#19
|
Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,862
|
I've heard people say they were going to take SS at 62. They're afraid if they wait until NRA or 70, that the rules will change and they'll be shut out (mainly because of means testing). Their theory is that is you're in pay-status, chances are better they won't take it away.
Anyone have an opinion on this theory?
|
|
|
04-06-2013, 06:24 PM
|
#20
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
|
Quote:
Originally Posted by SumDay
I've heard people say they were going to take SS at 62. They're afraid if they wait until NRA or 70, that the rules will change and they'll be shut out (mainly because of means testing). Their theory is that is you're in pay-status, chances are better they won't take it away.
Anyone have an opinion on this theory?
|
I believe it is a derivative of the "grandather clause".
Grandfather clause - Wikipedia, the free encyclopedia
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|